Business World

Wednesday 20 September 2017

Ikea founder going home

Ingvar Kamprad, founder of IKEA
Ingvar Kamprad, founder of IKEA

IKEA billionaire Ingvar Kamprad, Europe's richest person, said he will move back to Sweden, a country he fled four decades ago to avoid high tax rates.

Kamprad's €40bn fortune makes him the fourth-wealthiest individual in the world.

The 87-year-old controls Ikea, the world's largest furniture retailer, through a series of trusts and foundations. He left his homeland Sweden for Switzerland in 1973 in an effort to keep Ikea closely held, something he said he couldn't do with the tax regime in Sweden at the time.

"Moving back to Sweden gets me closer to my family and my old friends," Mr Kamprad said yesterday. "After my dear wife Margaretha died about a year and a half ago, there is less that keeps me in Switzerland."

In the 1980s, Mr Kamprad created a complex ownership structure of foundations and other legal entities to protect the brand and assure Ikea's success. (Bloomberg)

Irish Independent

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